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Oct. 19, 2020, 10:57 a.m. EDT

Saudi energy minister voices OPEC+ commitment to 'predict, prevent and be proactive' in the oil market

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By Myra P. Saefong

Saudi Energy Minister Prince Abdulaziz bin Salman on Monday said that the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, has shown that it has the "flexibility" to adapt to changes in the oil market and will "do what is necessary in the interest of all." OPEC+ must comply with three principles: "predict, prevent and be proactive" in the oil market, said Prince Abdulaziz, in his opening statement for the Joint Ministerial Monitoring Committee virtual meeting. The group must base decisions on the best available data and information, and always be forward looking in its decision making, he said. Prince Abdulaziz also stressed that OPEC+ oil producers talk to each other regularly. It should be assuring to the market that we are attending to this market with every bit of "seriousness and attentiveness." In Monday dealings, November West Texas Intermediate crude edged up by 15 cents, or 0.4%, to $41.03 a barrel, while December Brent crude traded at $42.95, up 2 cents, or 0.05%.

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